Mac.com posted an "Open Letter To iPhone Owners" from Steve Jobs. In the letter he addresses hundreds of emails he received from iPhone owners who paid $599 for their phones before the price cut. Some iPhone owners are getting the full $200 back.

The letter came as a shock to most iPhone owners (including myself) who opted to buy early and at full price. Initially 8 Gig iPhones were being sold for $599, $200 more than the new price of $399.

Apple received hundreds of letters from angry customers, some of whom had purchased iPhones at full price only days before the massive price cuts. Apple responded as only Apple could, saying "we're sorry, here's your money back."

In an effort to take care of early iPhone customers Apple and Steve Jobs made the following statement.

...we have decided to offer every iPhone customer who purchased an iPhone from either Apple or AT&T, and who is not receiving a rebate or any other consideration, a $100 store credit towards the purchase of any product at an Apple Retail Store or the Apple Online Store. Details are still being worked out and will be posted on Apple's website next week. Stay tuned.

iPhone owners that bought their phones within 14 days before the price cuts will get a refund of the full difference, or $200.

Okay, yes it's a shocker that Apple is giving back a total of hundreds of millions of dollars on the iPhone, even though the refunds come by way of in-store credit at Apple store the rebate is still a first of it's kind.

Keep an eye on Apple stock in the next few days to see how this massive rebate / refund effects the companies stock prices.